BP to end up with 18.5 per cent of Rosneft

Under further details on the transaction, BP will end up with 18.5 per cent of Rosneft, plus USD 12.3 billion in exchange for its 50 per cent interest in TNK-BP. The deal would appear to have the backing of the head of state and head of Russia’s state-controlled company according to statements from President Vladimir Putin and Rosneft Chairman Igor Sechin.

As a result, given BP’s existing 1.25 per cent interest in Rosneft, it will subsequently own 19.75 per cent. This could be the first part in the Kremlin’s plans to cut the state’s interest to 50 per cent plus one share.

 

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